"Follow the Money"
Find the Signals Nobody Else Sees
Have you ever felt that there must be something else you can find, but you don't even know where to start?
You know that somewhere in the financial documents is something useful for your case and your client, but you don’t know exactly where and how to spot it. Between the deadlines, the client calls, and everything else on your desk, you don’t have time to go through all of it. And even if you did — you are not always sure what you are looking for.
That is not a skills problem. It is a methodology problem.
And it does not only happen when you are already deep in a case. The most valuable signals often appear before the case starts. If you know where to look, you find the situation before anyone else does.
The FLAG Framework gives you the systematic process to change that. A series of steps that tell you where to look, what signals matter — numbers and non-numbers — and how to turn what you find into a legal argument, a client conversation, or a business opportunity.
This course is relevant for partners, senior and junior associates, or in-house lawyers, because we show you how to use the financial data to build an argument that helps you with the regulator, the court or your own CFO.
You are not an economist and you don’t need to be, you just need a process, a structured method, a checklist of the most important items to look at to spot a red flag. You need to make sure you are not caught off guard.
What you will do After Completing the Program (Real examples)
Spot red flags before they become a headache. You may read the net debt/EBITDA ratio and negotiate a better remedy for your client
Walk into client meetings knowing something nobody else knows. You may find an analyst’s report that discredits a regulator’s argument (or a rival’s report)
Have a credible conversation without deferring to an economist. The next time a judge/regulator asks you about numbers, you produce a solid, credible answer on the spot
Develop your commercial side. Explaining to a CEO the potential impact of the antitrust investigation on the stock price and EBITDA will separate you from the other 99%
What is the FLAG Framework?
It is program designed to help you when are working on a merger or an investigation and even before a case has started.
The FLAG framework is built around one idea. How a lawyer without financial background can find useful information to win cases, please clients and build credibility?
Find the signal (F). Discover all the different sources where you can find valuable information for your cases and clients. Identify financial red flags in company data before they become obvious to everyone else.
Link it to the legal argument (L). Learn how to read financial statements from a competition law perspective. What the numbers actually mean, which ones matter for antitrust analysis, and how regulators use them to build their cases.
Apply it to your case (A). Turn the specific ratios and metrics into arguments for your cases and clients. The same ratio may help you in one case, but harm you in another.
Gain the advantage (G). Follow this framework to turn financial market intelligence into business opportunities, evidence, and client conversations. The same method we use for our own intelligence.
Module 1: Documents & Research
This is the foundation of the FLAG framework. We walk through all the sources you need to know to find valuable information for your client. You will learn not only about the documents, but also where to find them, when to access and how to create a system to be the first one to know.
Module 2: Financial Metrics
Module 2 explores the core financial metrics you need for antitrust analysis. You will learn to interpret key indicators used to evaluate market power and financial health. By the conclusion of this module, you will understand what numbers you need to look at. And we will give you a short list of metrics, so you can quickly assess the situation by yourself.
Module 3 and 4: M&A, Market Studies, Probes
Modules 3 and 4 bridges the gap between financial theory and legal practice by analyzing real-world applications of these metrics by courts and regulators. You will examine landmark cases and recent regulatory decisions that demonstrate how financial data influences the outcome of competition trials. You will also learn how to turn the information you found into useful arguments for your cases.
Module 5: Financial Markets & Antitrust
Module 5 examines the critical intersection of financial market dynamics and antitrust enforcement. You will learn how broader market realities—such as companies’ incentives, and investor behavior—impact regulatory decisions and corporate strategy. This module is designed to help competition professionals align their legal advice with the commercial and financial realities of the modern global economy.
What lawyers who completed the course say
100% of graduates would recommend it to a colleague.
⭐⭐⭐⭐⭐ 4.89 out of 5.
“The connection between antitrust and financial documents was always there, but I couldn’t see it”
“I liked it a lot and found each of the points covered super important.”
“I would not add or change anything.”
“The course gradually walks you through the reasoning and leads you step by step toward the solution. That approach made the learning process both engaging and effective.”
What You Will Find Inside
45 lessons across 5 modules. Designed to be completed in 4 weeks alongside a full practice. Articles, videos, and exercises — built for lawyers who learn by doing, not by reading theory.
Real cases:
The course explains the financial analysis applied by competition authorities and courts in real-world cases.
Practical simulations:
Test your knowledge using exclusive exercises based on real-world business cases
Practitioner-Led:
Taught by Aitor Ortiz, lawyer and former Bloomberg Intelligence analyst, with hands-on experience in competition law and financial markets.
A single conversation with a client, your boss or regulator where you know something nobody else knows will return this investment many times over.
Enroll Now!
€1,197
Every month, the first five people to join recieve 12 months of unlimited premium access to our platform (a gift valued at €399)
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